The Australian Financial Review - Wednesday 8 September, 2004.

APT in $15m Bendigo building buy
Karla Barrymore

Australian Public Trustees has bought a large office building in Bendigo, claiming it as one of the largest regional deals for more than a decade.

APT has paid $15 million for the property, 'which is still under construction through developer GSD Bendigo and builder H Troon Ltd.

The property is pre-leased to Victorian government’s Department of Human Services, on a 15-year basis from its completion date in May 2005.

Agent DTZ Australia negotiated the deal between APT and the developer. DTZ also has been retained by the company to source other government-leased properties to add to its growing portfolio of investment assets.

APT chief executive Darren Olney-Fraser said the new Bendigo property fitted well into the company’s investment strategy.

“We welcome this opportunity to invest in Bendigo which we believe will continue to grow over the next 15 years,” he said.

“It complements our existing portfolio of government leased properties,” Mr Olney-Fraser said.

APT also owns the VicRoads building in Melbourne’s western suburb of Sunshine, an Australian Post distribution centre in Sydney and a NT government office building in Alice Springs.

APT is a trustee company, limited by guarantee, which holds public infrastructure and community service assets.

It is the trustee of the public charity the Australian Public Trustee, and is also trustee of several investment trusts that are involved in organising external equity to co-investment in APT’s public infrastructure and community assets.